Are you interested in Top-Up GAP Insurance? Regardless of the age of the vehicle, this policy will pay you an additional 25% on top of the total loss valuation provided by the motor insurer if it is declared a write-off.

Have you recently purchased a vehicle? Here at CIC, we have a specialist scheme for GAP Insurance where the premiums are usually up to 50% cheaper than an identical policy offered by the vehicle dealership. Please give us a call if you would like a quote.

Due to modern times, nearly every action at work will involve the use of a computer or access to the internet. With more companies using digital files than ever before, it is crucial to make sure that the data is protected and can be accessed easily to allow for your business to operate.

Cyber & Data Risks Insurance offers comprehensive protection for your computer systems and data under one policy and is designed to support your business if it suffers a data breach or is the subject of a malicious hacker that attacks the computer systems.

Here at CIC, we have access to several specialist schemes which can offer the following cover:

Ransomware – Cyber ExtortionThis offers protection if a hacker attempts to hold your business to ransom by covering the ransom you have paid, as well as the services of a leading risk consultancy firm to help manage the situation.

Data Breach CostsIn the event of a data breach (electronic or otherwise), this can offer on-going support including forensic investigations, legal advice, notifying customers or regulators, and credit monitoring.

Cyber Business Interruption This provides compensation for loss of income, including where caused by damage to your reputation if a hacker targets your systems and prevents your business from earning revenue.

Hacker DamageThis covers reimbursement for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.

Crisis ContainmentIf there is a data breach, confident communication is vital to help minimise the damage to your company’s reputation. Your company would be offered expert support, from developing communication strategies to running a 24/7 crisis press office.

Multimedia LiabilityThis provides protections if you mistakenly infringe someone’s intellectual property rights (e.g. copyright), for example by using a picture online without permission, or inadvertently libel a third-party in an email or other electronic communication

Privacy Protection
If you fail to keep customers’ personal data secure, cover can be offered to defend and settle claims made against you.

Travel insurance is intended to cover medical expenses, trip cancellation, lost luggage and other losses incurred while travelling, either internationally or domestically.

It is particularly important if you want to ensure that you can afford medical care whilst abroad. Research has shown that the average cost for overseas medical treatment is £2,040, but this figure can be much higher in certain countries such as the USA.

Most policies will include cover for:

Lost or stolen bags

Emergency medical expenses

The costs of cancelling, delaying or cutting your trip short (curtailment)

We recommend that a Travel insurance policy is arranged at the time of booking to cover the duration of that trip. Likewise, you could also set up an “annual multi-trip” policy which covers an unlimited number of trips within a 12 month period.

With so many different types of holiday available nowadays, making sure that you have the right cover for your trip abroad is extremely important. Here at CIC, we have the facility to accommodate standard travel risks as well as more complex cases such as those with pre-existing medical conditions, over 65s and those partaking in dangerous activities (e.g. skiing, mountain climbing, scuba diving)

Have you purchased a vehicle within the last 60 days or shortly planning on buying one? Are you worried about protecting the value of your new vehicle if it is written off or stolen & not recovered?

You might think that GAP Insuranceis a type of cover that is only offered by motor dealerships. However, at CIC, we can offer this at premiums which are on average 40% cheaper than from a motor dealership.

Earlier this year, guidelines were introduced which changed the way that dealerships can sell GAP insurance. The dealer now has to give you (the customer) four days from offering the pre-sale GAP information to allow you to shop around before committing to their policy. This means that you have time to approach us and for us to save you money!

One of the reasons for this is that the dealership are required to apply an Insurance Premium Tax rate of 20% to match the VAT amount, rather than the current rate offered by us of 9.5%.

We currently offer the following types of cover:

Purchase Price Protection GAP – This pays the difference between the motor insurers total loss settlement at the time and the original net invoice price paid by you for the vehicle (up to an agreed benefit level).

Here is an example of how this works:

Vehicle

Vauxhall Antara

Date of Purchase

October 2013

Purchase Price

£11,599

Date of Total Loss

May 2016

Total Loss Valuation

£8,250

GAP Claim Payment

£3,349

Lease GAP– This pays the difference between the Motor Insurers total loss settlement and the Early Termination charge applied by the vehicle lease company.

Combined Purchase Price Protection & Finance Shortfall GAP – As well as paying the difference between the motor insurer’s total loss settlement and the original net invoice price paid for the vehicle for the first 3 years, the cover will revert to cover the difference between the motor insurers’ total loss settlement and the balance outstanding to the finance company in years 4 and 5.

Finance GAP – This will pay the financial shortfall between the motor insurer’s total loss settlement and the Early Settlement Amount owed to the Finance Company (up to the benefit level). The settlement is made direct to the finance company.

We are often asked by customers how we can help as insurance brokers in comparison to direct or online insurers.

This video animation created by the British Insurance Brokers’ Association (BIBA) shows some of the ways that we can assist, especially if you are struggling to find appropriate cover or having difficulties with making a claim.

About CIC Insurance

CIC Insurance has been arranging insurance policies for individuals & businesses for over 25 years. Our reputation has given us access to all the top UK insurance companies, enabling us to find the policies which best suit you and deliver the most competitive terms.

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